The central govt has said depositors of banks under moratorium like Punjab & Maharashtra Cooperative (PMC) Bank will get up to Rs 5 lakh back by the end of November, media reports say.
The government has notified the amendment to the DICGC Act. It is worth mentioning that parliament passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 last month.
As per the notification, Rs 5 lakh would be given by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The provisions of the Act has come into force from 1st September, 2021.